As the US energy industry got hammered by both the impact of COVID-19 on global demand and a Russia-Saudi oil war, US President Donald Trump lit up the phones, making clear to both Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman (known by his initials “MBS”) that they had to stop the free fall in prices.
In an April 2 call, according to Reuters, Trump warned MBS that unless the Organization of the Petroleum Exporting Countries (OPEC) cut back on production, he might not be able to stop congressional legislation calling for the withdrawal of US forces from the kingdom.